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Private and Soc. Sec.
Insurance Compare
Private life insurance in the United States has grown in close parallel to social security survivor insurance during the past 20 years, according to Mrs. Hazel F. Crumpton, social security district manager in Winchester.
“The comparison suggests that survivor insurance, most of which protects the future of the dependents of relatively young workers who contribute to social security, has not displaced private life insurance, much of which is taken out on middle-aged and older lives,” she said. A Social Security Administration analysis shows that the total face value of social security survivor insurance is now about $1,100 billion and the total face value of private life insurance in force is about $1,300 billion, according to Mrs. Crumpton. “Both have grown at nearly the same rate since the end of 1950, when the face value of social security survivors insurance was about $170 billion and private life insurance about $234 billion,” he said. In 1960 the corresponding amounts were about $503 billion for social security survivor insurance and $542 billion for private life insurance.
“The two have grown
96.6%